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The Long View

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Expand your investing horizons and look to the long term. Join hosts Christine Benz and Jeff Ptak as they talk to influential leaders in investing, advice, and personal finance about a wide-range of topics, such as asset allocation and balancing risk and return.
85 Episodes
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Our guest on the podcast  is Michael Jantzi. Michael is the chief executive officer of Sustainalytics, a Morningstar affiliate that specializes in ESG and corporate governance research and ratings. Prior to forming Sustainalytics in 2009, Michael was the founder of Jantzi Research and has been active in the responsible investment field since 1990. Michael has been recognized with numerous awards for his leadership and work on sustainable investing, including the Responsible Investment Association's Lifetime Achievement Award, which he received in 2010. Michael is a director of the Tides Canada Foundation and sits on the Advisory Council of Ivy Business School's Institute for Long-Term Prosperity Through Business. He also serves as a director of the Principles for Responsible Investment, or PRI. Michael holds degrees from Western University and Dalhousie University. BackgroundBioSustainalyticsMakeWay (formerly Tides Canada Foundation)Principles for Responsible Investment (PRI)ESG EvolutionWhat is ESG?“ESG Investing Comes of Age,” by Jon Hale and Bridget Ginty, Morningstar.com, June 2020.Sustainalytics’ ESG Risk RatingsEnvironmental, Social, and Governance Investing, Morningstar.com The Value and Efficacy of ESG“The True Value of ESG Data,” by Leon Saunders Calvert, refinitiv.com, Sept. 3, 2020.“Who Cares About ESG Investing?” by Steve Wendel and Samantha Lamas, Morningstar.com, May 3, 2019.“Why ESG Matters in a Crisis,” institutionalinvestor.com, June 9, 2020.“Breaking the Tragedy of the Horizon--Climate Change and Financial Stability,” speech by Mark Carney, bankofengland.co.uk., Sept. 29, 2015.“How to Align Your Investments With the U.N. Sustainable Development Goals,” by Dan Lefkovitz, Morningstar.com, Oct. 28, 2019. ESG Ratings/Subjectivity“’This Is the Shareholders’ Money’: Billionaire Warren Buffett Argues That Companies Should Stop Making Decisions Based on Their Social Beliefs,” by Ben Winck, businessinsider.com, Jan. 2, 2020. “The Department of Labor Attempts to Throttle ESG Investing,” by John Rekenthaler, Morningstar.com, July 2, 2020.ESG Best Practices“U.S. Lags Europe on Regulation of ESG Investing,” by Joe McGrath, expertinvestoreurope.com, June 3, 2019.“Sustainable Finance Disclosure Regulation: An Industry Game-Changer,” by Anne Schoemaker, sustainalytics.com, Nov. 4, 2020.Risk/Return “ESG Investing Is About Long-Term Risk Management,” by Alex Bryan, morningstar.com, July 14, 2020.“Sustainable Funds Weather Downturns Better Than Peers,” by Tom Lauricella and Jess Liu, Morningstar.com, June 15, 2020. “COVID-19 and Beyond: Using Sustainable Finance to Build Social Resilience,” by Jonathan Laski, sustainalytics.com, April 7, 2020.
Our guest this week is Adley Bowden. Adley is the vice president of market analysis at PitchBook, which is a Morningstar affiliate. In his role, Adley oversees PitchBook's voluminous research and editorial content on private markets, including private equity, private debt, venture capital, real estate, as well as the vehicles that invest in these areas. In addition, Adley is also a regular host at PitchBook's "In Visible Capital" podcast, which just kicked off its second season and is available on most popular podcast players. Adley first joined PitchBook in 2008 and has served in a number of roles prior to assuming this current post. He's a graduate of the University of Washington from which he earned his bachelor's degree in economics and international studies.BackgroundBioPitchbookIn Visible Capital BlogPrivate Equity InvestingPitchBook Private Markets Guide “What Are the Private Markets?” PitchBook Blog, PitchBook.com, July 8, 2020. “Digging Into the Fine Print of LP Agreements,” PitchBook.com, Sept. 11, 2020.“What Is GP Stakes Investing?” PitchBook Blog, PitchBook.com, July 31, 2020.“What Factors Drive Risk and Return in GP Stakes Investing?” PitchBook.com, Sept. 29, 2020.Private Markets“Fran Kinniry: Applying the Vanguard Approach to Private Equity,” The Long View Podcast, morningstar.com, April 1, 2020.“The Cons (and Pros) of Vanguard’s Decision to Offer Private Equity,” by John Rekenthaler, Morningstar.com, Feb. 25, 2020. “Private Equity’s Potential for Strategic Portfolios,” by Roger Aliaga-Díaz, Giulio Renzi-Ricci, Harshdeep Ahluwalia, Douglas M. Grim, and Chris Tidmore, Vanguard.com, Nov. 5, 2020. “The ‘Private for Longer’ Effect: Step-Up Valuations at IPO Declining for US VC-Backed Companies,” by Dana Olsen, PitchBook.com, Dec. 1, 2017.“Private vs. Public Market Investors: Who’s Reaping the Gains From the Rise of Unicorns?” by Adley Bowden and Andy White, PitchBook.com, June 19, 2018.Private Market Interest and Performance“What Is Dry Powder?” PitchBook Blog, PitchBook.com, March 2, 2020.“Private Markets See All-Time Highs in Dry Powder,” PitchBook.com, Feb. 19, 2019.“How’d Active Funds Do in 2019? So-So,” by Jeffrey Ptak, Morningstar.com, Jan. 20, 2020.“Private Equity-Backed Bankruptcies Surged in May, But Future Might Not Be So Bleak,” by Adam Lewis, PitchBook.com, June 5, 2020.“Venture Capital Exit Values Achieved Second Highest Total Ever in Q3 Despite Continued Uncertainty,” PitchBook.com, Oct. 13, 2020.“Private Equity Risk and Public Equity Opportunity,” Dan Rasmussen and Ted Seides, Capital Allocators Podcast, Feb. 16, 2020. Special Purpose Acquisition Companies“Private Equity Plays a Starring Role in 2020’s SPAC Boom,” by Adam Lewis, PitchBook.com, Oct. 17, 2020.“9 Big Things: 2020’s SPAC-tacular Keeps Getting Crazier,” by Kevin Dowd, PitchBook.com, Oct. 11, 2020.Impact of the Pandemic“Live Coronavirus Updates: Coronavirus Effects on Private Markets,” PitchBook.com, Nov. 18, 2020.“Investors Are Cautious on Private Markets During Shutdowns, PitchBook Survey Shows,” by Alexander Davis, PitchBook.com, April 9, 2020.“Coronavirus Forces Venture Capitalists to Adopt New Script on Fundraising,” by James Thorne and Priyamvada Mathur, PitchBook.com, June 2, 2020.“Venture Capital Fundraising and Investment Dollars Remained Healthy Through 1H 2020 Amid Slowdown in Exits and Deal Count Due to Impacts of COVID-19,” PitchBook.com, July 14, 2020.“PitchBook Analyst Note: COVID-19’s Influence on Private Market Strategies and Allocators,” by James Gelfer, Dylan Cox, Hilary Wiek, and Wylie Fernyhough, Pitchbook.com,  “PitchBook Analyst Note: The Great Unlocationing,” by Paul Condra, PitchBook.com, April 30, 2020.
Our guest this week is noted author and researcher Larry Swedroe. Larry is chief research officer at financial advisory firm Buckingham Wealth Partners, which he joined in 1996. In his role, Larry is responsible for reviewing academic research on financial and investing matters and determining how that research should inform Buckingham's investment strategy. Larry is also a member of the firm's Investment Policy Committee. Larry has written numerous books on investing and finance, the most recent being the second edition of The Incredible Shrinking Alpha, which he coauthored with Andrew Berkin. His work has also been published in various academic journals, including the Journal of Investing. Larry began his career as a risk manager at Citicorp and later at Prudential Home Mortgage. He received his bachelor's in finance from Baruch College in New York and his MBA in finance and investment from New York University.BackgroundBioLarry Swedroe’s booksInvestment Strategies/Factor Investing“Swedroe: A Five-Factor Evaluation,” by Larry Swedroe, Yahoo.com, Sept. 25, 2017. “Swedroe: Factor Persistence & Diversification,” by Larry Swedroe, ETF.com, May 8, 2017.“Swedroe: Simple Factor Investing,” by Larry Swedroe, ETF.com, Sept. 10, 2018.“Swedroe: 3 Factor Investing Myths,” by Larry Swedroe, ETF.com, Feb. 13, 2019.“Swedroe: Virtues of a Long/Short Strategy,” by Larry Swedroe, ETF.com, Aug. 14, 2015“Factors in Commodity Returns,” by Larry Swedroe, seekingalpha.com, Sept. 9, 2020.“Swedroe: Understanding Risk & Return,” by Larry Swedroe, ETF.com, Nov. 7, 2018.“Larry Swedroe: Risk Warrior in Action,” by Janet Levaux, thinkadvisor.com, March 26, 2019.“An Investment Strategy That Reduces the Risk of Black Swans,” by Robert Powell, thestreet.com, March 27, 2019.“Value and Momentum Everywhere,” by Clifford S. Asness, Tobias J. Moskowitz, and Lasse Heje Pedersen, The Journal of Finance, Vol. LXVIII, No. 3, June 2013.“Profitability, Investment and Average Return,” by Eugene F. Fama and Kenneth R. French, Journal of Financial Economics, July 28, 2006.“The Other Side of Value: The Gross Profitability Premium,” by Robert Novy-Marx, National Bureau of Economic Research, April 2010.“The Simple Explanation for Value’s Underperformance,” by Larry Swedroe, evidenceinvestor.com, Jan. 3, 2020.“Even Great Investments Experience Massive Drawdowns,” by Larry Swedroe, alphaarchitect.com, Aug. 20, 2020.“Swedroe: Small Value Lags for 15 Years,” by Larry Swedroe, ETF.com, Feb. 20, 2019.“Passive Investing Without Indexes,” by Larry Swedroe, ETF.com, April 13, 2016.“A Comparison of Passively Managed, Small-Value Funds,” by Larry Swedroe, advisorperspective.com, March 10, 2020.Fixed Income“Swedroe: Factors in Fixed Income,” by Larry Swedroe, ETF.com, May 4, 2018.“Swedroe: Consider Factors in Fixed Income,” by Larry Swedroe, ETF.com, June 27, 2016.“Swedroe: Why Chasing Yield Fails,” by Larry Swedroe, ETF.com, Dec. 26, 2018.“Swedroe: High-Yield Rewards Underwhelming,” by Larry Swedroe, ETF.com, Dec. 30, 2015.Retirement Planning“Sequence Risk Is a Big Threat to Retirees,” by Larry Swedroe, evidenceinvestor.com, Oct. 18, 2019.“8 Retirement Planning Mistakes to Avoid,” by Larry Swedroe and Kevin Grogan, nextavenue.org, Jan. 8, 2019.“Safe Withdrawal Rate: Is 3 Percent the new 4 Percent?” by Larry Swedroe, cbsnews.com, Oct. 4, 2013.“Do you Choose a Declining or Rising Equity Strategy in Retirement?” by Larry Swedroe, buckinghamadvisor.com, July 22, 2016.ESG Investing “Swedroe: ESG Strategy Performance,” by Larry Swedroe, ETF.com, April 10, 2019.“The Risk and Return Implications of ESG,” by Larry Swedroe, buckinghamadvisor.com, May 29, 2018.“How ESG Makes Companies Better,” by Larry Swedroe, advisorperspectives.com, June 16, 2020.“Determining the Nature of ESG Returns,” by Larry Swedroe, thebamalliance.com, Sept. 6, 2018.
Our guest on the podcast today is personal finance expert and author Ramit Sethi. Ramit's first book I Will Teach You To Be Rich, published in 2009, was a best-seller. A new edition of the book came out last year. Ramit is the founder of Iwillteachyoutoberich.com and Earnable, an online course created to help entrepreneurs start and accelerate their businesses. He received his bachelor's and master's degrees from Stanford.Ramit Sethi's BackgroundBioRamit Sethi’s booksIwillteachyoutoberich.comEarnableFinancial Decision-Making and Wellness“Self-Made Millionaire Ramit Sethi: This Is the Mindset you Need to Be Rich,” by Ali Montag, cnbc.com, Sept. 18, 2018.“Money Dials: Why you Spend the Way you Do,” by Ramit Sethi, iwillteachyoutoberich.com, June 10, 2019.“How to Get out of Debt Fast (…Even if You’re Dead Broke),” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 8, 2019.“I’ve Been Writing About Money for 15 Years, and I Can Tell you too Many Couples Talk About Money all Wrong,” by Ramit Sethi, businessinsider.com, Feb. 27, 2019.“Emergency Fund: How a few Thousand Dollars Can Save Your Life,” by Ramit Sethi, iwillteachyoutoberich.com.“How Much Do I Need to Retire?” by Ramit Sethi, iwillteachyoutoberich.com.“The World’s Easiest Guide to Understanding Retirement,” by Ramit Sethi, iwillteachyoutoberich.com, June 10, 2019.“Self-Made Millionaire Ramit Sethi Shares his No. 1 Piece of Advice to Invest for Retirement,” by Tom Huddleston, Jr., cnbc.com, Oct. 31, 2018.“I Always Thought People who Flew First Class Were Suckers, Until I Realized They Knew Something About Spending Money it Took me Years to Figure Out,” by Ramit Sethi, businessinsider.com, Feb. 19, 2019.“Economic Class in America: A new Framework,” by Ramit Sethi, iwillteachyoutoberich.The Pandemic“Ramit Sethi: Here’s What to Do if You’re Short on Cash Right Now,” by Megan Leonhardt, cnbc.com, June 24, 2020.“Coronavirus: Panic Is bad, but Overreaction is Good,” by Ramit Sethi, iwillteachyoutoberich.com, March 11, 2020.“Money & Coronavirus: How to Save for a Recession,” by Ramit Sethi, iwillteachyoutoberich.com. “The 3 Most Important Money Rules for a Recession,” by Ramit Sethi, iwillteachyoutoberich.com.Advice and Investing“Why Personal Finance ‘Experts’ Continue Giving Worthless Advice,” by Ramit Sethi, iwillteachyoutoberich.com.“Betterment Versus Wealthfront: Which Is the Better Robo-advisor?” by Marquette Carney, iwillteachyoutoberich.com.“A Financial Expert and Best-Selling Author Says for Building Wealth in the Long Term, ‘Average’ Is More Than Enough,” by Tanza Loudenback, businessinsider.com, May 21, 2019.“Money Expert Ramit Sethi Shares his 3-Step Strategy to Save Money While Eliminating Debt,” by Anna Hecht, cnbc.com, March 26, 2020.“Investing for Beginners: How to Save Millions for the Future,” by Ramit Sethi, iwillteachyoutoberich.com, March 2, 2020.“How to Help Clients Choose Between Funding Retirement and a Child’s College Education,” by Samantha Lamas, Morningstar.com, Oct. 11, 2019.Housing“Don’t Buy a House (+ How to Ignore Dumb Propaganda),” by Ramit Sethi, iwillteachyoutoberich.  “Buying Vs. Renting: Which Is the Best Option for You?” by Marquette Carney, iwillteachyoutoberich.com.
Our guest on the podcast today is financial advisor and author Tim Maurer, the director of advisor development for Buckingham Wealth Partners. He coauthored The Ultimate Financial Plan: Balancing Your Money and Your Life with Jim Stovall, and he also wrote Simple Money: A No-Nonsense Guide to Personal Finance. He's a member of the CNBC Financial Advisor Council and is also a regular contributor to CNBC, Forbes, and Time/Money. Maurer is a certified financial planner and a graduate of Towson University. Tim Maurer's BackgroundBioThe Ultimate Financial Plan: Balancing Your Money and Your LifeSimple Money: A No-Nonsense Guide to Personal FinanceFinancial Life Planning"What Is Financial Life Planning?" by Sheiresa Ngo, CheatSheet, May 31, 2015."Beyond Finances: Holistic Life Planning Trends Among Advisors," InvestmentNews, Jan. 23, 2020."How Should Retirees Deal With Crazy Markets When They Don't Have Time to Stay the Course?" by Tim Maurer, timmaurer.com, March 20, 2020."Reconsidering Your Life Because of the Pandemic? You're Not Alone," by Mimi Montgomery, Washingtonian, April 21, 2020."Financial Planner vs. Financial *Life* Planner. Which one Is the 'Right One' for Me?" by Cristina Livadary, Mana, Jan. 24, 2020."'The Whole Financial Planning Process Is Wrong,' Expert Says,” by Tim Maurer, Forbes, July 28, 2017.Financial Planning AssociationNAPFA: The National Association of Personal Financial AdvisorsKinder Institute of Life Planning"George Kinder: Three Questions About Life Planning," by J.D. Roth, Get Rich Slowly, Aug. 1, 2019.Money QuotientYour Mental Wealth, Drs. Ted Klontz and Brad KlontzKahler Financial GroupThe Future of Financial AdviceBuckingham Strategic WealthDrive: The Surprising Truth About What Motivates Us, by Daniel Pink."Simple Money Portfolio," by Tim Maurer, timmaurer.com. "Tim Maurer Simple Money Portfolio Review and ETFs to Use," by Tim Maurer, Optimized Portfolio, Oct. 7, 2020."Kitces: Pandemic to Accelerate Shift to AUM-Based Fee Model," by Jeff Berman, ThinkAdvisor, May 7, 2020."ESG Index Funds Hit $250 billion as Pandemic Accelerates Impact Investing Boom," by Pippa Stevens, CNBC, Sept. 2, 2020.College Planning"Is COVID-19 Creating an Education Planning Crisis?" by Tim Maurer, The Bam Alliance, June 3, 2020."The Non-Conformist's 4-Step Education Savings Plan," by Tim Maurer, Forbes, May 31, 2012.
Our guest this week is Peter Hayes. Peter is a managing director at BlackRock where he heads the firm's municipal income group and sits on its global fixed-income Executive Committee. In his role, Peter oversees all aspects of municipal fund management, including portfolio management, research, strategy, and trading. Among his responsibilities, Peter is one of the managers of the BlackRock Strategic Opportunities Fund. In addition to these duties, Peter is also a member of BlackRock's Global Operating Committee. Before joining BlackRock in 2006, Peter was a portfolio manager at Merrill Lynch Investment Management, where he led the short-term tax-exempt trading desk and managed short-term municipal bond strategies. Peter earned a bachelor's in economics from the College of the Holy Cross.BackgroundPeter Hayes BioThe Big Picture“Local Finances Are Troubled, but Fund Investors May Still Profit,” by Carla Fried, nytimes.com, July 10, 2020.“Muni Investors Scale Back,” by Peter Hayes, blackrock.com, Oct. 7, 2020.“How Much Is COVID-19 Hurting State and Local Revenues?” by Louise Sheiner and Sophia Campbell, brookings.edu, Sept. 24, 2020.“Record Increases of new Covid-19 Cases in 3 U.S. States With the Most Population,” by Jay Croft, Christina Maxouris, and Douglas Wood, cnn.com, June 24, 2020.Stimulus“Second Stimulus Checks (10/1/20): What Will the Next Stimulus Package Look Like?” by Claudia Dimuro, pennlive.com, Oct. 2, 2020.“CARES Act Includes Essential Measures to Respond to Public Health, Economic Crises, But More Will Be Needed,” by Sharon Parrott and others, cbpp.org, March 27, 2020.Municipal Liquidity Facility definition“The Fed Says It Is Expanding its Municipal Bond Buying Program,” by Jeff Cox, cnbc.com, April 27, 2020. “U.S. Municipal Market Activity Witnessing Positive Momentum Post Fed’s Intervention,” by Nikhil Francis and Saswata Mohanty, acuitykp.com, Sept. 18, 2020.“Lawmakers Tangle Over Fed’s Muni-Market Rescue,” by Heather Gillers, morningstar.com, Sept. 17, 2020.“Riskier Fixed-Income Sectors Bounce Back in the Second Quarter,” by Gabriel Denis, Morningstar.com, July 6, 2020.Credit“Municipal Bond Perspective: Where We Go From Here,” beyondbullsandbears.com, April 24, 2020.“How Is the Coronavirus Crisis Affecting the Municipal Bond Market?” by Daniel Bergstresser, econofact.org, April 8, 2020.“Bond Insurance Returns to the Muni Market in a Big Way,” by Heather Gillers, wsj.com, Oct. 22, 2020.“Muni Bond Insurers See Demand Grow Amid Pandemic Worries,” by Liz Kiesche, seekingalpha.com, Oct. 22, 2020.Supply and Demand“Municipal Bond Market Update—September Edition,” by Corey Boller, dividend.com, Sept. 10, 2020.“Supply and demand shocks in the COVID-19 pandemic: an industry and occupation perspective,” by R Maria del Rio-Chanona and others, academic.oup.com, Aug. 29, 2020. “Will Supply-Chain Disruptions and Delayed Capital Spending Be Material,” by Brian Bernard, Morningstar.com, March 25, 2020.“Munis in Focus: 2020 Municipal Market Update,” by David Hammer, pimco.com, Sept. 11, 2020.“Global Supply Chains in a Post-Pandemic World,” by Willy C. Shih, hbr.org, Sept.-Oct. 2020.“Reviving States, Cities and the Munibond Market Amid COVID-19,” by Brian Wynne, morganstanley.com, April 27, 2020.“Revenue Streams Drying Up? Municipal Bonds in the Pandemic,” by Dennis DiCicco, jhinvestments.com, Aug. 20, 2020.Taxes“Calculating Tax Equivalent Yield: Are Municipal Bonds Right for You?” by Thomas Kenny, thebalance.com, May 11, 2020.“7 Best Tax-Free Municipal Bond Funds,” by Barbara Friedberg, money.usnews.com, Oct. 7, 2020.“Taxable Munis? They’re Worth a Look,” by Jeffrey R. Kosnett, Kiplinger.com, Jan. 2, 2020.“Coronavirus Fears Affect the Municipal Bond Market,” by Cooper Howard, schwab.com, March 18, 2020.“What Is the Muni-Treasury Ratio or M/T Ratio?” by Thomas Kenny, thebalance.com, July 29, 2020.Portfolio/PositioningStrategic Municipals Opportunities Fund“Muni Market Tailwinds Turn to Headwinds,” by Peter Hayes and Sean Carney, blackrock.com, April 2, 2020.“Short Term Treasuries Are ‘Overvalued’: BlackRock Muni Bonds Head,” Peter Hayes on “On the Move” video panel, finance.yahoo.com, Sept. 18, 2020.“Stay the Course Amid Market Volatility,” blackrock.com.“Volatility, the Vote and Taking the Long View,” by Tony DeSpirito, blackrock.com, Oct. 12, 2020. Issue Selection“How Munis Can Boost Your Investment Health,” gsam.com, Oct. 5, 2020.“How to Invest in Municipal Bonds,” by Miranda Marquit, forbes.com, July 9, 2020.“Small Investors Ruled the Municipal-Bond World for a few Days in March,” by Heather Gillers, wsj.com, May 7, 2020.“How and Why to Build a Bond Ladder,” fidelity.com, Sept. 17, 2020.“Rising Rates Series: The Ups and Downs of Bond Ladders,” by Karen Schenone, fundsociety.com, June 4, 2018.“2011: The Year 60 Minutes Misled Americans About Municipal Bonds,” by Janet Tavakoli, businessinsider.com, Dec. 30, 2011.
Our guest on the podcast is author and retirement expert Kerry Hannon. Hannon has written 14 books thus far. Her latest is called Great Pajama Jobs: Your Complete Guide to Working from Home. She is also a regular contributor to The New York Times, MarketWatch, and Forbes and is the personal finance and entrepreneurship expert on the PBS website NextAvenue.org. Hannon's work focuses on career, financial, and life guidance for midlife workers. She has also written extensively about how women can take charge of their own financial planning. Hannon is a former National Press Foundation Fellow and a former Fellow of the Columbia Journalism School and the Robert N. Butler Columbia Aging Center's Age Boom Academy. She is also a former MetLife Foundation and New America Media Fellow on Aging. She received a bachelor's degree from Duke University.BackgroundKerry Hannon bio Kerry Hannon books Remote Work"10 Tips To Be a Successful Remote Worker," by Kerry Hannon, kerryhannon.com, Oct. 3, 2020."Coronavirus Suddenly Transformed the Workplace," by Kerry Hannon, kerryhannon.com, May 31, 2020."ProBoomer Interview: Work From Home Tips," by Kerry Hannon, kerryhannon.com, May 24, 2020."Is Working Remote a Blessing or Burden? Weighing the Pros and the Cons," by Bryan Robinson, Forbes, June 19, 2020."These Simple Habits Can Stop Work-From-Home Burnout," by Kerry Hannon, MarketWatch, Sept. 10, 2020."I've Been Working From Home for Years--This Is How to Do It Successfully," by Kerry Hannon, MarketWatch, March 21, 2020."Work From Home Is Here to Stay, but It May Put Younger Workers at a Disadvantage," by Juliana Kaplan and Hillary Hoffower, Business Insider, May 29, 2020. Midlife and Older Workers"Tips for Finding a Job When You're Over 50," by Kerry Hannon, kerryhannon.com, Oct. 18, 2020."Why Working From Home Benefits Older Workers--and Their Employers," by Kerry Hannon, kerryhannon.com, July 12, 2020."Prepare Yourself for the New Job Market," by Kerry Hannon, kerryhannon.com, June 6, 2020."Sorry, 'OK, Boomer'--Workplaces of the Future Will Be Multigenerational," by Kerry Hannon, kerryhannon.com, Feb. 19, 2020. "Here's Why the Workplace of the Future Must Include Older Workers," by Kerry Hannon, kerryhannon.com, Dec. 29, 2019."Why Are People Working Longer? It's Not What You Think," by Kerry Hannon, MarketWatch, Sept. 18, 2020."5 Ways to Help Your Aging Workforce Embrace Digital Transformation," by Nick Candito, Entrepreneur, July 12, 2017."How to Combat age Discrimination," by Kerry Hannon, kerryhannon.com, Oct. 2, 2016."Are You Ready for Your Encore Career?" by Kerry Hannon, kerryhannon.com, Feb. 25, 2018."The Impact of the Coronavirus Recession on Older Workers," by Congressman Don Beyer, Vice Chair of the Joint Economic Committee, August 2020. Entrepreneurship for Older Adults"Seven Tips for Starting Your Own Business," by Kerry Hannon, kerryhannon.com, July 14, 2019."At Last, a Co-Working Space for Midlife Entrepreneurs," by Kerry Hannon, kerryhannon.com, Jan. 5, 2020.Financial Advice for Women"What Women 50+ Want From Financial Advisers--Much More Than Men," by Kerry Hannon, Forbes, May 21, 2020."Why It's Hard for Women to Save for Retirement," by Kerry Hannon, kerryhannon.com, Dec. 7, 2019."Four Ways Women Can Get Smarter About Money," by Kerry Hannon, kerryhannon.com, Aug. 6, 2017."Facing the Financial Shocks of Widowhood," by Kerry Hannon, kerryhannon.com, Nov. 12, 2018."Women Facing Financial Challenges for Retirement," by Kerry Hannon, kerryhannon.com, March 3, 2019.Long-Term Care/Caring for Aging Parents"Love You, Dad. Alzheimer's Care and My Family's Story," by Kerry Hannon, Forbes, June 17, 2012. "The 5 Money Lessons I Learned From My Father," by Kerry Hannon, kerryhannon.com, June 16, 2013."Women and Long-Term Care Insurance," by Kerry Hannon, kerryhannon.com, March 4, 2014."Must-Know Statistics About Long-Term Care: 2019 Edition," by Christine Benz, morningstar.com, Nov. 25, 2019.“4 Ways the Pandemic Is Affecting Long-Term Care," by Christine Benz, morningstar.com, Aug. 7, 2020. "How Does a Pandemic Change Everything?" by Hannah Wolfson, HomeCare, Aug. 4, 2020."How Covid-19 Will Shape the Future of Senior Living. New Models of Care, More Aging in Place," by Reshma Kapadia, Barron's, May 29, 2020. 
Our guest on the podcast today is Karsten Jeske, the founder of the website EarlyRetirementNow and a thoughtful and technically proficient member of the Financial Independence, Retire Early (FIRE) community. In 2018, Karsten retired in his early 40s, after a career in the financial world. He served as Director of Asset Allocation Research for Mellon Capital Management from 2008 through 2018, and before that, was a research economist at the Federal Reserve Bank of Atlanta for a decade. Karsten has his PhD in economics from the University of Minnesota and has taught undergraduate and PhD-level economics at Emory University. He's also a chartered financial analyst.BackgroundKarsten Jeske BioEarly Retirement NowFIRE DefinitionThe Pandemic’s Impact on the FIRE Movement“The Shortest Recession Ever? My Thoughts on the State of the Economy,” by Karsten Jenke, EarlyRetirementNow.com, Aug. 25, 2020.“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” by Christine Benz and Jeffrey Ptak, The Long View, June 3, 2020. “The Coronavirus Pandemic and Retirement Security,” by Mark Miller, Morningstar.com, Aug. 24, 2020.“Retiring During a Pandemic,” by Christine Benz and Maria Bruno, Morningstar.com, Aug. 14, 2020. “Can You Retire Early? Should You?” by Christine Benz and Susan Dziubinski, Aug. 7, 2020. Early Withdrawal Rates for Early RetireesThe Trinity StudyThe Safe Withdrawal Rate Series--A Guide for First-Time Readers“Do We Really Have to Lower our Safe Withdrawal Rate to 0.5% Now?” by Karsten Jeske, EarlyRetirementNow.com, Aug. 31, 2020.Shiller P/E Ratio Definition“Who’s Afraid of a Bear Market?” by Karsten Jeske, EarlyRetirementNow.com, Oct. 30, 2019. Low Bond Yields and Withdrawal Rates“Jamie Hopkins: How Low Bond Yields, Recession Impact Retirement Planning,” by Christine Benz and Jeffrey Ptak, The Long View, July 14, 2020. “Wade Pfau: The 4% Rule is No Longer Safe,” by Christine Benz and Jeffrey Ptak, The Long View, April 29, 2020. “What Ultralow Yields Mean for Your Financial and Retirement Plan,” by Christine Benz, Morningstar.com, May 4, 2020. “Low Rates Aren’t Going Anywhere. Here’s What That Means for Retirement Planning,” by David Blanchett, ThinkAdvisor.com, Aug. 14, 2020.IRA Required Minimum Distribution Worksheet Bogleheads’ Variable Percentage WithdrawalSequence of Return Risk/Asset AllocationSequence Risk Definition “The Extraordinary Upside Potential of Sequence of Return Risk in Retirement,” by Michael Kitces, kitces.com, Feb. 20, 2019. “The Pros and Cons of Rising Equity Glide Paths in Retirement,” by Wade Pfau, forbes.com, May 4, 2017.“The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, Kitces.com, Oct. 5, 2016. “Cut Stocks or Add to Them? A Key Dilemma to Your Retirement Plan,” by Christine Benz, morningstar.com, July 25, 2019.“How to Determine Asset Allocation in a Retirement Portfolio,” interview with Christine Benz and David Blanchett, Morningstar.com, April 29, 2015.“The Yield Illusion: How Can a High-Dividend Portfolio Exacerbate Sequence Risk?” by Karsten Jeske, EarlyRetirementNow.com, Feb. 13, 2019.Healthcare and the FIRE Movement“Top 3 Health Insurance Options If You Retire Early,” by Thom Tracy, Investopedia.com, April 14, 2020.“How Does the F.I.R.E Movement Affect Insurance?” by Brianna Slattery, clearsurance.com, Jan. 23, 2020.“The Ten Commandments of Whole Life Insurance,” by Karsten Jeske, EarlyRetirementNow.com, Sept. 26, 2018.Health Care Sharing Ministry Affordable Care Act Social Security “Taxation of Social Security: The Tax Torpedo & Roth Conversion Tightrope,” by Karsten Jeske, EarlyRetirementNow.com, Nov. 13, 2019.“Social Security Benefits: Early or Late Retirement?” ssa.gov. Networking & Socializing in Retirement“Work, Retirement, and Social Networks at Older Ages,” by Eleonora Patacchini and Gary V. Engelhardt, Center for Retirement Research at Boston College, November 2016.“Why It’s Important to Stay Social in Retirement and How to Do It,” by Rob Pascale, forbes.com, Oct. 31, 2019.
Our guest on the podcast today is financial advisor Lazetta Rainey Braxton. Lazetta is the co-founder and co-CEO of 2050 Wealth Partners, a virtual financial planning and wealth management firm geared toward serving individuals who haven't traditionally been recruited by other financial advisors because of their income, age, race, or gender. She has frequently appeared on national television shows, and she's also a member of CNBC's Digital Financial Advisory Council and a contributor to The Wall Street Journal's Experts blog. Lazetta was the recipient of Investment News' inaugural Women to Watch and Excellence in Diversity and Inclusion Awards. She also received the Association of African American Financial Advisors' Leadership Legacy Award and the Heart of Financial Planning Award from the Financial Planning Association. Lazetta received her bachelor's degree at the University of Virginia and her MBA at Wake Forest University. She's also a certified financial planner.BackgroundLazetta Rainey Braxton BioRianka R. Dorsainvil2050 Wealth PartnersCBNC Digital Financial Advisory CouncilLaunch of New Firm“Lazetta Braxton and Rianka Dorsainvil target young, diverse clients with ‘fully virtual’ firm,” by Jake Martin, citywireusa.com, Feb. 10, 2020.“Two Investopedia Top 100 Advisors Launch New Firm,” by Irene Huhulea, Investopedia.com, Feb. 12, 2020.Planning During the Pandemic“Coronavirus market plunge is making people question if they should sell stocks and run to cash,” by Sharon Epperson, cnbc.com, March 23, 2020.“Steps You Can Take to Utilize the CARES Act,” by Lazetta Rainey Braxton, 2050wealthpartners.com, April 2, 2020.“Coronavirus Giving You Financial Anxiety? How to Avoid Debt During the Pandemic,” by Sharon Epperson, 2050wealthpartners.com, March 31, 2020.“Financial Pros Offer Smart Investment Tips During the Coronavirus Crisis,” by AJ Horch, cnbc.com, April 21, 2020.Reaching a Diverse Population“It’s Past Time to Advance Black Advisors,” by Lazetta Rainey Braxton, financial-planning.com, May 26, 2020.“An Open Letter to Planners of Color,” by Rianka Dorsainvil, 2050wealthpartners.com, Sept. 17, 2019.“More Black Investors Should Look to Stock Market to Grow Their Wealth,” by Lazetta Rainey Braxton, 2050wealthpartners.com, Feb. 20, 2019.“Helping Underserved Clients Turn Income Into Wealth,” by Jane Wollman Rusoff, thinkadvisor.com, Feb. 14, 2019.Association of African American Financial Advisors“Building a Diverse and Inclusive Culture,” webinar with Lazetta Rainey Braxton, John Mackey, and Anand Sekhar, institutional.fidelity.com, Aug. 31, 2020.“We Asked, Advisors Answered: How Can the Industry Increase Diversity?” by Bernice Napach, thinkadvisor.com, July 1, 2020.“Record growth for black and Latino CFPs; status quo for women,” by Charles Paikert, financial-planning.com, Feb. 28, 2020.Firm Operations and Business Models2050 Wealth Partners’ introduction process2050 Wealth Partners’ comprehensive planning Understanding the Sandwich Generation“Michelle Singletary: ‘You Need Diversity,’” podcast, Morningstar.com, July 1, 2020.  The Advice ProfessionNAPFA: The National Association of Personal Financial AdvisorsCFP.netFinancial Planning AssociationXY Planning NetworkYNAB: You Need a Budget AAAA Foundation
Our guest on the podcast today is author Brian Portnoy. Brian has written two books on the field of behavioral finance, The Investor's Paradox and The Geometry of Wealth. He's also the editor of a forthcoming book of essays about how financial experts invest their own money called How I Invest My Money.Brian is the founder of Shaping Wealth, a financial-wellness platform that works with individuals and organizations to make better money decisions. For more than two decades, Brian has worked in the hedge fund and mutual fund industries as portfolio manager and educator. He was also our colleague at Morningstar in the early 2000s. He's a CFA charterholder and earned his doctorate at the University of Chicago.LinksBrian Portnoy’s bioBrian Portnoy’s books Shaping Wealth“How I Invest My Own Money,” by Joshua Brown, The Reformed Broker blog, July 16, 2019.Robert Seawright blog Dasarte YarnwayMorgan Housel Shirl Penney Efficient frontier definitionHarry Markowitz Fama-French three-factor model Capital Allocators Ted Seides Howard Lindzon“Four ‘Money Scripts’: Four Ways to Feel the Power of Money,” by Ken Eisold, psychologytoday.com, May 15, 2011.Blair duQuesnay Nina O’Neal Ashby Daniels Financial Wellness“Financial Wellness in a Time of Crisis,” speaker Brian Portnoy, Association for Coaching, April 20, 2020Funded ContentmentBehavioral FinanceDaniel Kahneman Amos Tversky Prospect theory “The Two Friends Who Changed How We Think About How We Think,” by Cass R. Sunstein and Richard Thaler, newyorker.com, Dec. 7, 2016Misbehaving: The Making of Behavioral Economics, Richard H. Thaler, June 14, 2016Daniel Crosby Alliance for Decision Education Annie Duke Save More Tomorrow: Practical Behavioral Finance Solutions to Improve 401(k) Plans, by Shlomo Benartzi, April 12, 2012.Save More Tomorrow, Shlomobenartzi.com“Governments Are Trying to Nudge Us Into Better Financial Behavior. Is it Working?” by Shlomo Benartzi, John Beshears, Katherine L. Milkman, Cass R. Sunstein, and Richard H. Thaler, Washington Post, Aug. 11, 2017. Financial Literacy“Annamaria Lusardi: ‘Financial Education Works,’ ” Long View Podcast with Christine Benz and Jeffrey Ptak, morningstar.com, Feb. 19, 2020. “John Lynch: Rethinking Financial Education,” Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, Dec. 11, 2019.The University of Chicago Financial Education Initiative
Our guests this week are Michael Reckmeyer and Matthew Hand. Mike and Matt are managing directors at Wellington Management, where they oversee a number of prominent values investing mandates, including the stock sleeve of Vanguard Wellesley Income Fund, as well as Wellington's portion of Vanguard Equity Income Fund, among other duties. Mike's investing career began in 1984 at the State of Michigan Pension Fund, followed by eight years at Kemper Financial Services, after which he joined Wellington in 1994. He received both his bachelor's degree and MBA from the University of Wisconsin-Madison and is a CFA charterholder. Matt joined Wellington in 2004 after graduating from the University of Pennsylvania. Like Mike, Matt is also a CFA charterholder.Background Michael Reckmeyer bioMatthew Hand bioWellington Management“Four Fantastic Income Funds,” by Russell Kinnel and Christine Benz, Morningstar.com, Aug. 11, 2020 Funds Mentioned Vanguard WellingtonVanguard Wellesley IncomeVanguard Equity IncomeHartford Equity IncomeOther ReferencesJack Bogle bio“Gus Sauter: Efficient Markets Are a Good Thing,” The Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, Dec. 4, 2019.“The Wildly Popular Trades Behind the Market’s Swoon and Surge,” by Gregory Zuckerman and Gunjan Banerji, wsj.com, Sept. 13, 2020Securities Mentioned in the PodcastADP https://www.morningstar.com/stocks/xnas/adp/quoteArcher-Daniels-Midland https://www.morningstar.com/stocks/xetr/adm/quoteCisco https://www.morningstar.com/stocks/xnas/csco/quoteComcast https://www.morningstar.com/stocks/xnas/cmcsa/quoteCrown Castle International https://www.morningstar.com/stocks/xnys/cci/quoteDominion Energy https://www.morningstar.com/stocks/xnys/d/quoteIntel https://www.morningstar.com/stocks/xnas/intc/quoteLockheed Martin https://www.morningstar.com/stocks/xnys/lmt/quoteMedtronic https://www.morningstar.com/stocks/xnys/mdt/quotePhilip Morris https://www.morningstar.com/stocks/xnys/pm/quoteProgressive https://www.morningstar.com/stocks/xnys/pgr/quote
Our guest this week is Karen Andersen, a healthcare strategist on Morningstar's equity research team. She has written a number of influential commentaries and analyses on the healthcare sector, with a focus on the pharmaceutical and biotechnology industries. Her most recent work has focused on the outlook for the COVID-19 pandemic, treatments for the disease, and the race for a vaccine. Before joining Morningstar in 2005, Andersen earned her bachelor's degree in biochemistry from Rice University and received her Master of Business Administration from Rice's Jones Graduate School of Business. She is a CFA charterholder.BackgroundKaren Andersen's healthcare commentaries and analysesVirus Containment and Diagnostics"COVID World Map: Tracking the Global Outbreak," The New York Times, Sept. 15, 2020. "Relaxing the Lockdown: Move Slowly, Stay Nimble," by Karen Andersen, Morningstar.com, May 12, 2020.“Slow Burn Likely Until Coronavirus Vaccines Are Widely Available," by Karen Andersen, Morningstar.com, Sept. 1, 2020."Patients Are Waiting Weeks for COVID-19 Test Results. Here's Why That's a Huge Problem," by Jamie Ducharme, Time, July 22, 2020. Contact tracing definition "Treatments for COVID-19," Harvard Health Publishing, Aug. 24, 2020. Vaccine Development and Approval"Vaccine Testing and the Approval Process," Centers for Disease Control and Prevention. "The Drug Development Process," U.S. Food and Drug Administration. "Draft Landscape of COVID-19 Candidate Vaccines," World Health Organization, Sept. 9, 2020."Potential Antiviral Drugs Under Evaluation for the Treatment of COVID-19," National Institutes of Health, Aug. 27, 2020. "A Coronavirus Vaccine, or Three, Could Be Available by Year-End," by Karen Andersen, Morningstar.com, Sept. 4, 2020."Morningstar's Guide to the Development of a Coronavirus Vaccine," by Carole Hodorowicz, July 16, 2020. "Coronavirus Vaccine Progress Accelerates," by Karen Andersen and Debbie Wang, Morningstar.com, May 13, 2020.RNA vaccine definition"Pfizer, BioNTech COVID-19 Vaccines Fast Tracked by FDA," by Anna Baran, Morningstar.com, July 13, 2020. "All Eyes on BioNTech's COVID-19 Vaccine," by Anna Baran, Morningstar.com, June 26, 2020. "AstraZeneca's Pause on Vaccine Raises Uncertainty," by Damien Conover, Morningstar.com, Sept. 9, 2020. Herd immunity definition "What if 'Herd Immunity' Is Closer Than Scientists Thought?" by Apoorva Mandavilli, The New York Times, Aug. 31, 2020. 
Our guest on the podcast is retirement specialist and author Steve Vernon. Vernon is president of Rest-of-Life Communications and a research scholar at the Stanford Center on Longevity, where he conducts and directs research on retirement planning and behavioral economics. He is also the author of several books on retirement planning, including his latest, Don't Go Broke in Retirement and Retirement Game-Changers. In addition, Vernon writes a regular column on retirement planning for Forbes. He previously helped large employers design and manage their retirement programs. Vernon retired as vice president and consulting actuary with the human resources consulting firm Watson Wyatt Worldwide and also consulted to Mercer. He graduated from the University of California at Irvine with a double major in mathematics and social science.BackgroundSteve Vernon bioStanford Center on LongevitySteve Vernon booksForbes columnThe Role of Work"The Question Many Pre-Retirees and Retirees Will Need to Answer," by Steve Vernon, Forbes, Aug. 25, 2020."Redesigning Retirement and Human Resource Programs to Support Longer Lives," by Steve Vernon, Stanford Center on Longevity, third-quarter 2019."How To Find Work (After Retirement)," by Steve Vernon, CBSNews.com, March 27, 2013."Good News for Older Workers Seeking New Careers," by Steve Vernon, CBSNews.com, April 27, 2015. Encore career definitionSocial Security Program Health"The 2020 OASDI Trustees Report," Social Security Administration, April 22, 2020."No, You Won't Lose All of Your Social "Security Benefits," by Steve Vernon, Forbes, April 22, 2020.Social Security Claiming Strategies"Boost Your Risk-Protected Retirement Income With a Social Security Bridge Payment," by Steve Vernon, Forbes, May 26, 2020."Does Delaying Social Security Really Deliver an 8% Return?" by Christine Benz, Morningstar.com, May 14, 2020."When to Take Social Security: The Complete Guide," by Amy Fontinelle, Investopedia.com, Nov. 24, 2019. "Introducing the Social Security Claiming Decision," by Wade Pfau, Retirement Researcher."How the Retirement Estimator Works," Social Security Administration.Open Social Security "How to Calculate the Break-Even Age for Taking Social Security," by Ken Moraif, Kiplinger, April 7, 2020. Retiree Investment Portfolio/Holistic Retirement Income Planning "A Portfolio Approach to Retirement Income Security," by Steve Vernon, Stanford Center on Longevity, July 2015."How Much Should Older Workers and Retirees Invest in the Stock Market?" by Steve Vernon, Forbes, March 3, 2020. "Here's a Foolproof Way To Create Retirement Income for the Rest of Your Life," by Darla Mercado, CNBC.com, June 26, 2020."Stanford Analyzed 292 Retirement Strategies to Determine the Best One--Here's How It Works," by Kathleen Elkins, CNBC.com, Aug. 6, 2019.Housing"Don't Make This Costly Retirement Planning Mistake," by Steve Vernon, Forbes, June 11, 2020."Planning Your Retirement: 10 Ways to Reduce Housing Costs," by Steve Vernon, CBSNews.com, Sept. 4, 2013."How Covid-19 Will Shape the Future of Senior Living. New Models of Care, More Aging in Place," by Reshma Kapadia, Barron's, May 29, 2020.Longevity/Mitigating Longevity Risk"Rich People Don't Just Live Longer. They Also Get More Healthy Years," by Heather Murphy, The New York Times, Jan. 16, 2020.“The Risk of Outliving Your Assets Is Real And Defending Against It Is No Small Task," by Martin Pelletier, Financial Post, June 17, 2019.
Our guest on the podcast today is Jim Dahle, also known as The White Coat Investor. A practicing board-certified emergency physician, Jim also focuses on helping other healthcare professionals get smarter about managing their money. He founded the White Coat Investor website in 2011 and it rapidly grew into the most widely read physician-specific website in the world. Jim's first book, The White Coat Investor: A Doctor's Guide to Personal Finance and Investing came out in 2014. The White Coat Investor's Financial Boot Camp: A 12 Step High-Yield Guide to Bring Your Finances Up to Speed was released in February 2019. In addition, Jim has a podcast and videocast, online courses, and runs a live conference. Jim earned his Bachelor of Science degree in molecular biology from Brigham Young University and then attended the University of Utah School of Medicine. He trained at the University of Arizona Emergency Medicine Residency Program and then served four years with the Air Force and the Navy.BackgroundJim Dahle bio The White Coat Investor Jim Dahle books WCI podcastPhysician FinancesThe Student Doctor NetworkSermo “Physician Debt and Net Worth Report 2016,” Medscape.com, April 20, 2016.  “The Physician Net Worth Rule Part 2,” by Jim Dahle, whitecoatinvestor.com, Nov. 10, 2011. “The Right Way to Use Debt in Medical School,” by Jim Dahle, whitecoatinvestor.com, Aug. 24, 2020. “Financial Burdens and Physician Burnout,” by Jimmy Turner (The Physician Philosopher), Thephysicianphilospher.com, Nov. 13, 2019. “7 Ways to Reduce Medical School Debt,” by Ken Budd, aamc.org, Oct. 9, 2018. “5 Financial Planning Tips Every Young Physician Should Know,” by Michael Winters, ama.org, May 10, 2016.The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas J. Stanley and William D. Danko, Amazon.com, Nov. 16, 2010.Finding a Financial Advisor“How to Find a Good Financial Advisor at a Fair Price,” by Jim Dahle, whitecoatinvestor.com, March 8, 2019.“The Perfect Financial Advisor,” by Jim Dahle, whitecoatinvestor.com, May 18, 2015.“How to Tell a Good Financial Advisor From the Rest,” by Jimmy Turner (The Physician Philosopher), whitecoatinvestor.com, Aug. 10, 2019.“What you Need to Know About Financial Advisers,” by Jim Dahle, whitecoatinvestor.com. Asset Allocation and Portfolio Management“150 Portfolios Better Than Yours,” by Jim Dahle, whitecoatinvestor.com, Jan. 21, 2020.“Rules for Asset Allocation Implementation,” by Jim Dahle, whitecoatinvestor.com, Oct. 28, 2019.Bogleheads“Three-Fund Portfolio,” Bogleheads.org. The Bogleheads’ Guide to the Three-Fund Portfolio: How a Simple Portfolio of Three Total Market Index Funds Outperforms Most Investors With Less Risk, by Taylor Larimore, July 3, 2018. “Review of Bogleheads Guide to the Three Fund Portfolio,” by Jim Dahle, whitecoatinvestor.com, Aug. 3, 2018.“Top 10 Things Bogleheads Get Wrong,” by Jim Dahle, whitecoatinvestor.com, June 19, 2020.Retirement Planning“Investing in Retirement,” by Jim Dahle, whitecoatinvestor.com, July 21, 2015.The Bogleheads’ Guide to Retirement Planning, by Taylor Larimore, Mel Lindauer, Laura F. Dogu, and Richard A. Ferri, Feb. 22, 2011. “Cracking the Nest Egg--Decumulation Strategies in Retirement,” by Jim Dahle, whitecoatinvestor.com, May 30, 2014.Healthcare“Long Term Care Insurance,” by Jim Dahle, whitecoatinvestor.com, Sept. 6, 2013.“The Best Ways To Use an HSA,” by Jim Dahle, whitecoatinvestor.com, Dec. 10, 2019.“7 Reasons an HSA Should be Your Favorite Investing Account,” by Jim Dahle, whitecoatinvestor.com, Jan. 18, 2019.“The Four Keys to Health Care Reform,” by Jim Dahle, whitecoatinvestor.com, Sept. 28, 2018.
Our guest this week is Steve Romick. Steve is a portfolio manager at First Pacific Advisors, or, as it's probably better known, FPA. Steve comanages several FPA strategies, including the FPA Crescent Fund as well as the Source Capital closed-end fund. Steve joined FPA in 1996. Before that, he was chairman of Crescent Management and an analyst for Kaplan, Nathan & Co. For his work managing FPA Crescent, Steve was the recipient of the Morningstar U.S. Allocation Fund of the Year Award in 2013 and was previously a nominee for the Morningstar Fund Manager of the Decade Award. Steve earned his bachelor's in Education from Northwestern University and is a CFA charterholder.Bio and BackgroundSteve Romick and FPA team bios FPA Crescent Morningstar “Quicktake” reportFPA Crescent home page FPA Crescent Q2 2020 commentary FPA Crescent historical asset allocation FPA Crescent historical performance attribution ReferencesBerkshire Hathaway letter from the chairman; 1996 “Active Share” High-yield spreads 10-year breakeven inflation rates
Our guest on the podcast is retirement and tax expert, Ed Slott. He is president and founder of Ed Slott and Company, which provides retirement and tax planning education to investment advisors and financial institutions. Ed has written several books including the recently published Ed Slott's Retirement Decisions Guide: 2020 Edition and Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s. PBS viewers may know Ed from his frequent appearances on public television. He also hosts the popular website irahelp.com, where The Slott Report blog regularly dispenses wisdom about retirement, tax, and estate planning. He provides a monthly Q&A column to AARP and is also a contributing columnist and media resource to Financial Planning, Financial Advisor, and InvestmentNews magazines. Ed is a certified public accountant.BackgroundEd Slott bio The Slott Report blog Books by Ed Slott Ed Slott AARP articles Ed Slott InvestmentNews articles Ed Slott Financial Planning articlesIRAs and ConversionsTax-deferred definition A Comprehensive Guide to Tax Treatment of Roth IRA Distributions Roth IRA Conversion Rules “New Tax Law Provides the Opportunity for Tax-Rate Arbitrage on Roth IRAs,” by Ed Slott, InvestmentNews, Feb. 15, 2018. “Seize the Opportunity to Convert to Roths,” by Christine Benz and Ed Slott, Morningstar.com, April 1, 2020. “Rothification?” by Sarah Brenner, Irahelp.com, Oct. 16, 2017. Backdoor Roth IRA definition“The Definitive Guide to the Back-Door Roth,” by Jeffrey Levine, Irahelp.com, Aug. 12, 2015. “Backdoor Roth IRA Conversions Alive and Well,” by Christine Benz and Ed Slott, Morningstar.com, Aug. 14, 2018. “Am I Too Old for an IRA Conversion?” by Christine Benz and Ed Slott, Aug. 21, 2018. “When IRA Conversions Don’t Add Up,” by Christine Benz, Morningstar.com, June 1, 2020. Required Minimum DistributionsRequired minimum distribution definition“The CARES Act and 2020 RMDs,” by Ian Berger, Irahelp.com, Aug. 6, 2020. “The 411 on RMDs for 2020,” by Christine Benz, Morningstar.com, April 22, 2020. “SECURE Act Targets Minimum Distribution Rules,” by Natalie Choate, Morningstar.com, Jan. 8, 2020. Charitable Giving“QCDs: Still Available in 2020 and Still a Good Strategy,” by Sarah Brenner, irahelp.com, April 20, 2020. “How Charitable Giving Is Changing in 2020,” by Christine Benz, Morningstar.com, April 20, 2020. "Morningstar’s Guide to Donor-Advised Funds," Morningstar.com, Nov. 20, 2018. Modified adjusted gross income (MAGI) definition Estate Planning“Did the SECURE Act Kill the Stretch IRA?” by Ed Slott, AARP.com, Feb. 27, 2020. “10 Things to Know about the SECURE Act’s 10-Year Rule,” by Sarah Brenner, IRAhelp.com, Feb. 26, 2020. Step-up in Basis definition Stretch IRA definition
Our guest on the podcast is Pramod Atluri. He is a fixed-income portfolio manager at Capital Group. Atluri began in the investment business more than two decades ago and has been at Capital Group since 2016. Before joining Capital Group, Atluri was a bond portfolio manager at Fidelity Investments, where he also worked as a fixed-income strategist and credit analyst. He began his career as a management consultant at McKinsey & Company. Atluri earned his bachelor's degree from the University of Chicago and his Master of Business Administration from Harvard Business School, and he is a CFA charterholder.BackgroundPramod Atluri bioAmerican Funds Bond Fund of America American Funds Income Fund of AmericaAmerican Funds American Balanced Commentary"Four Actions to Take in Bond Portfolios," by Pramod Atluri, Mike Gitlin, and Karl Zeile, Capital Group, June 17, 2020. "Answers to Your 5 Biggest Fed Rate Cut and Bond Questions," by Mike Gitlin and Pramod Atluri, Capital Group, March 17, 2020. "Fixed-Income Outlook: Meet Uncertainty With Balance," by Pramod Atluri, Mike Gitlin, and Margaret Steinbach, Capital Group, Dec. 11, 2019. Fund ManagementThe Capital System"Capital Group: Multimanager System the 'Best of Both Worlds'," by Alec Lucas and Brad Vogt, Morningstar.com, June 16, 2018. 2020 Market TurbulenceNonbank financial companies"Enormous De-Leveraging in Bond Market Smacks of Margin Calls," by Stephen Spratt, Bloomberg.com, March 19, 2020. "Treasury Bonds Sold Off as the Dow Sank Into a Bear Market. That's Not Supposed to Happen," by Alexandra Skaggs, Barron's, March 11, 2020. Role of Bonds in a Portfolio"Why Fixed Income: 4 Roles Your Bond Portfolio Should Play," by Kelly Campbell and Mike Gitlin, Capital Group, February 2019. "U.S. Fund Flows in June Cap a Wild First Half of 2020," by Tony Thomas and Nick Watson, Morningstar.com, July 17, 2020. "How the Great Inflation of the 1970s Happened," by Leslie Kramer, Investopedia, April 29, 2020. 
Our guest this week is Dr. Burton Malkiel. Dr. Malkiel is the Chemical Bank chairman's professor of economics at Princeton University. And he's also author of the widely influential investment book, "A Random Walk Down Wall Street." He's also the Chief Investment Officer at Wealthfront. He's a longtime professor in economics at Princeton, where he was also chairman of the economics department. Before that, he was the dean of the Yale School of Management, and William S. Beinecke Professor of Management Studies there from 1981 through 1988. Dr. Malkiel has served on boards of directors of several firms, including the Vanguard Group and on the investment committees of Active Investment Advisors, and the American Philosophical Society. Dr. Malkiel began his career in the investment banking department of Smith Barney & Co. He holds a BA and MBA degrees from Harvard and a PhD from Princeton University.Bio and BackgroundDr. Malkiel's bio Malkiel. B.G. 2020. “A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing” (Twelfth Edition).” (New York: W.W. Norton & Co.).Dr. Malkiel’s WealthFront blog Retirement IncomeThe 4% spending rule 10-year Treasury yieldAsset AllocationRiquier, A. 2020. "Investing legend Burton Malkiel on day-trading millennials, the end of the 60/40 portfolio and more.” MarketWatch. July 15, 2020.Wealthfront portfolio construction methodologyMalkiel, B.G. 2015. “How Much Should We Invest in Emerging Markets?” WealthFront blog; April 14, 2015.Equity ValuationCyclically adjusted price/earnings ratio Malkiel, B.G. 2020. “It’s a Good Time to Stock Up.” The Wall Street Journal; April 7, 2020. Finke, M. 2020. "The Remarkable Accuracy of CAPE as a Predictor of Returns.” Advisor Perspectives. July 20, 2020Equity risk premium data; Damodaran OnlineGlobal CAPE ratio data; Star CapitalActive/PassiveMorningstar Active/Passive Barometer Rekenthaler, J. 2018. "The Paradox of Skill.” Morningstar. Dec. 17, 2018.Factor InvestingGoldman Sachs ActiveBeta US Large-cap EquityVanguard US Multifactor ETFRisk ParityWealthFront Risk Parity ESGKinder Morgan; Morningstar analysisKinder Morgan; Sustainalytics analysis Facebook; Morningstar analysis Facebook; Sustainalytics analysis
Our guest on the podcast is Ben Inker. Ben is GMO's head of asset allocation. In that capacity, he leads GMO's asset-allocation team and is a member of the firm's board of directors. He joined GMO in 1992 after obtaining his bachelor's in economics from Yale University. Prior to assuming his current role, Ben was an analyst on GMO's quantitative equity and asset-allocation teams, a portfolio manager of various equity and asset-allocation portfolios the firm offers, co-head of international quantitative equities, and CIO of quantitative developed equities. Ben is a CFA charterholder.BackgroundBen Inker bio Ben Inker articles GMO’s Research Library GMO Global Asset AllocationAsset AllocationGMO 7-Year Asset-Class Return Forecast, 2Q 2020 “Uncertainty Has Rarely Been Higher; Oddly, Neither Has the Stock Market,” by Ben Inker and Jeremy Grantham, June 4, 2020. “Stocks Are Too Risky. What GMO’s Inker Says to Buy Instead,” by Jack Otter, Barron’s, May 24, 2020. Mean reversion definition, Investopedia.GMO Mean Reversion Strategy “GMO’s Mean Reversion Strategy Is Tested in Today’s Market,” by Bailey McCann, Institutional Investor, July 25, 2016. “60/40 Portfolios Face Double Trouble Ahead,” by Rick Friedman, GMO Insights, Feb. 26, 2020. ESG InvestingGMO’s ESG Capabilities “Climbing the ESG Learning Curve: Lessons Learned in Emerging Markets,” by Amit Bhartia, Binu George, and Hardik Shah,” GMO Insights, Nov. 4, 2019. “ESG Managers Say Pandemic Is a Stress Test That Proves Their Point,” by Alastair Marsh, Bloomberg.com, April 9, 2020. Emerging Markets“Emerging Markets: Tamed Child O’ Mine,” by Amit Bhartia, Mehak Dua, and Alvaro Pascual, GMO White Papers, July 7, 2020. “COVID-19: Risk and Resilience in Emerging Markets,” by Amit Bhartia, Tiger Tong, and Uday Tharar, GMO White Papers, April 16, 2020. “GMO: 5 Reasons to Own Emerging Market Stocks Now,” by Bernice Napach, ThinkAdvisor, July 13, 2020. “Emerging Markets Value: A Rare Ray of Sunshine from GMO’s Strategists,” by David Snowball, Mutual Fund Observer, Dec. 1, 2018. Value Investing"The Trouble with Value," by Ben Inker. “Risk and Premium: A Tale of Value,” by John Pease, GMO White Papers, July 30, 2019.“During the Coronavirus Crisis, Does Value Investing Still Make Sense?” by Robin Wigglesworth, Financial Times, May 14, 2020. "GMO Is Feeling Pain Reminiscent of the Late 1990s,” by Christine Idzelis, Institutional Investor, Oct. 10, 2019. Portfolio Construction and Strategy"How to Lose Your Job in Asset Allocation," by Jeremy Grantham and Ben Inker. GMO Benchmark-Free Allocation FundGMO Alternative Allocation Fund GMO’s Systematic Global Macro Strategy 
Our guest on the podcast is Jerome Clark. He is the portfolio manager of the asset-allocation target-date strategies and oversees the college savings plan portfolios in T. Rowe Price's multi-asset division. He's also a member of the firm's asset-allocation committee and serves on the multi-asset steering committee. Clark joined T. Rowe's fixed-income division in 1992 as a portfolio manager of the firm's U.S. Treasury Long Term Bond strategy. He began managing multi-asset portfolios in 2001. Before joining T. Rowe Price, Clark was a captain in the United States Marine Corps and a mathematics instructor at the U.S. Naval Academy. He earned his bachelor's degree in mathematics from the U.S. Naval Academy, his master's in operations research from the Naval Postgraduate School, and his Master of Business Administration from Johns Hopkins University. Clark is also a CFA charterholder. For his accomplishments during his tenure, Morningstar analysts recently named Clark the winner of the Outstanding Manager Award at the 2020 Morningstar Awards for Investing Excellence. He's slated to step down from his current role in early 2021.BackgroundJerome Clark bio "Winners of the 2020 Morningstar Awards for Investing Excellence,"  by Sarah Bush, June 22, 2020. "Meet the U.S. Winners of Our Awards for Investing Excellence," by Christine Benz and Sarah Bush, Morningstar.com, June 22, 2020. "Pioneer of Target-Date Funds Looks to the Future: Hedging and 'Tail-Risk' Strategies," by Howard Gold, MarketWatch, July 16, 2020. Target-Date FundsTarget-date fund Liability matching Pension Protection Act of 2006"The Pension Protection Act's Impact on Defined-Contribution Plans," T. Rowe Price, May 2016. "Success Story: Target-Date Fund Investors," by Jeffrey Ptak, Morningstar.com, Feb. 19, 2018. "Mind the Gap 2019," by Russel Kinnel, Morningstar.com, Aug. 15, 2019. "Brigitte Madrian: 'Inertia Can Actually Be a Helpful Thing'," Morningstar.com, April 22, 2020. Glide Paths/Asset AllocationT. Rowe Price Target-Date Glide-Path Design "Beyond Averages: A More Robust Approach to Glide-Path Design," by Lorie Latham, Zachary Rayfield, and Kathryn Farrell, T. Rowe Price, Jan. 16, 2020. "Enhancing the T. Rowe Price Glide Paths," by Jerome Clark, Kim DeDominicis, and Wyatt Lee, T. Rowe Price, February 2020. Retirement Decumulation Sequence risk "The Art and Science of Developing Retirement Income Strategies," by Jerome Clark, Kim DeDominicis, and Wyatt Lee, T. Rowe Price, 2019. Qualified default investment alternative (QDIA)Monte Carlo simulation
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